The tale of a black hole

The tale of a black hole

According to the OBR the government collects £39,000 per household in taxes. Despite that eye watering amount, the Government spends £42,000 per household and puts the £3,000 short fall on the credit card.

The Government has been doing this since 1997 when Gordon Brown decided that it would be a good idea to spend more that the Government earned and borrow the difference – at the time the Government credit card bill was about £80 per household.

Now the Government’s credit card bill is £93,000 per household and predicted to continue to rise over the next 5 years still further.

Along comes our new Chancellor and she says that she’s identified a black hole in the Government’s finances. Now finance experts were all hoping that at long last someone had spotted that we can’t keep spending money we haven’t got when our debt burden is so high and that a £3,000 per year per household is unsustainable.

But no.

The Chancellor’s black hole is not the £3,000 per household per year that we can’t afford.

Her black hole is £714 per household to finance massive public sector pay rises.

And to pay for it, she wants your nan to turn off her heating over the winter.